The San Antonio-based biotech is spending the money on its commercial capability, to develop new products, and to identify and develop new applications of StemBioSys’ core technology, Hutchens says. The new money came from private individuals, Hutchens said, and declined to name them. San Antonio-based Targeted Technology led StemBioSys’ $8 million Series A round of funding in 2015.

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David Holley is Xconomy's national correspondent based in Austin, TX. You can reach him at dholley@xconomy.com Follow @xconholley